Vertex Downhole Ltd.
Follow- Proceeding
- NOIBANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C B-3, AS AMENDED
- File
- 25-2802560
Vertex Downhole Ltd. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act on February 4, 2022, with Grant Thornton Limited as proposal trustee, in the Court of King's Bench of Alberta under court file nos. 25-2655526 and 25-2802560. The filing followed a demand letter and a s. 244 notice of intention to enforce security issued by HSBC Canada on January 26, 2022. The NOI listed total liabilities of $9,596,726 as at the filing date, comprising HSBC $8,519,828, trade accounts payable of $1,075,891 and employee obligations of $1,007; total assets were reported at $18,497,022 on an unaudited book-value basis as at November 30, 2021. HSBC's exposure arises under a $6,500,000 operating loan and MasterCard facility dated February 13, 2019 and a $3,000,000 non-revolving BCAP demand facility dated September 21, 2020, both guaranteed by Vertex's subsidiaries. The proceedings remain active.
The court granted an approval and vesting order for the sale to 2435819 Alberta Ltd. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Closing Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions. Sealed: Confidential Supplement to the Fourth Report.
Source: Sale Approval and Vesting Order
37 earlier updates, back to 4 February 2022 — subscribers.
Debtor
Vertex Downhole Ltd.
Proposal trustee
Doane Grant Thornton
Proposal trustee
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Horner | Court of King's Bench of Alberta | 4 orders, Mar 2022 | 50 cases on record |
| Justice Feth | Court of King's Bench of Alberta | 3 orders, May 2022 | 13 cases on record |
| Justice Burns | Court of King's Bench of Alberta | 2 orders, Apr 2022 | 41 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeMNP | Dentons Canada LLP | 4 Apr 2022 | Service list · 4 Apr 2022 |
| DebtorVertex Downhole Ltd | Burnet Duckworth & Palmer LLP | 22 Feb 2022 | Application · 22 Feb 2022 |
| CreditorHalliburton | Norton Rose Fulbright Canada LLP | 18 May 2022 | Service list · 18 May 2022 |
| CreditorHSBC | Fasken Martineau DuMoulin LLP | 4 Apr 2022 | Service list · 4 Apr 2022 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | HSBC Canadaas of NOI filing date — Two credit facilities: (a) Operating Loan and MasterCard facility in the amount of $6,500,000 pursuant to loan agreement dated February 13, 2019, as extended and amended November 26, 2019, May 8, 2020, and September 23, 2021; (b) non-revolving demand loan facility of $3,000,000 granted through BCAP pursuant to loan agreement dated September 21, 2020, as extended and amended September 20, 2021 (collectively 'HSBC Credit Facilities'), guaranteed by the Subsidiaries — Largest secured creditor; issued demand letter and Notice of Intention to Enforce Security (10-Day Notice) | $8.52M | First Report of the Proposal Trustee |
Sale process approved — SISP process being conducted with milestones through closing of transactionSecond Report of the Proposal Trustee · 6 Apr 2022
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2435819 Alberta Ltd.all rights and obligations of the Receiver and Vertex Downhole Ltd. ('Vertex') arising or accruing from and after the Closing Date ... under the agreements listed at Schedule 'A' hereto (the 'Assigned Agreements') · asset sale · agreement 13 Jul 2022 | Subscribers | Approved13 Jul 2022outside 23 Jun 2022 | Sale Approval and Vesting Order |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Cumulative receipts
$194K
As at 25 Feb 2022Trustee's First Report to Court dated February 25, 2022.pdf
| Date | Document | File |
|---|---|---|
Order Assigning Agreements
| PDF · Subscribers | |
| Filed Application - Fourth Stay Extension | PDF · Subscribers | |
Filed Bench Brief of the Applicant
| PDF · Subscribers | |
| Filed Book of Authorities of the Applicant | PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
Application (Sealing Order)
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee
| PDF · Subscribers | |
| Filed Fourth Affidavit of Craig Flint | PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
| Draft form - Sealing Order | PDF · Subscribers | |
Filed Order - Application for Extension of Time to File Proposal
| PDF · Subscribers | |
Application - Sealing Order
| PDF · Subscribers | |
Third Report of the Proposal Trustee
| PDF · Subscribers | |
| Letter to Commercial Coordinator | PDF · Subscribers | |
Letter to Service List
| PDF · Subscribers | |
| Application - Third Stay Extension | PDF · Subscribers | |
Filed Order for Second Extension of Time
| PDF · Subscribers | |
| Webex Virtual Courtroom Instructions (Extension Application) | PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
| Application (Approval of Interim Financing & Extension of Stay) | PDF · Subscribers | |
| Application - Extension of Time to File Proposal | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
Brief in Support of Second Stay Extension
| PDF · Subscribers | |
Letter to Justice Burns (Extension Application)
| PDF · Subscribers | |
| Second Affidavit of Craig Flint | PDF · Subscribers | |
Service Letter to Service List
| PDF · Subscribers | |
| Order Approving Conduct of Proposal Trustee | PDF · Subscribers | |
| Application of Grant Thornton Limited returnable March 4, 2022.pdf | PDF · Subscribers | |
Executed Order Approving Sale and Investment Solicitation Process
| PDF · Subscribers | |
Executed Order for First Extension of Time, Substitution of Proposal Trustee, and Approval of Activities
| PDF · Subscribers | |
Filed Order Approving Sale and Investment Solicitation Process
| PDF · Subscribers | |
Filed Order for First Extension of Time, Substitution of Proposal Trustee, and Approval of Activities
| PDF · Subscribers | |
Teaser for Sale and Investment Solicitation Process
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| Affidavit of Craig Flint sworn February 22, 2022.PDF | PDF · Subscribers | |
Bench Brief of the Applicant
| PDF · Subscribers | |
Bench Brief of the Applicant filed February 22 2022.pdf
| PDF · Subscribers | |
Certificate of Filing of a Notice of Intention to Make a Proposal
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Vertex Downhole Ltd.” (NOI), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/vertex-downhole-ltd-bk